Potassium Citrate Market Forecast 2023 - 2030

By Purity :

The purity segment is categorized into less than 98%, 98%-99 %, and above 99%. In 2022, the above 99% segment accounted for the highest market share of 52.75% in the overall potassium citrate market. The above 99% purity of potassium citrate is widely employed in the production of pharmaceuticals, food & beverage, and other products. The increasing demand for the above products across various industries has led to the growth in the utilization of the above 99% purity potassium citrate. Moreover, above 99% potassium citrate ensures superior properties such as neutral and organic which are beneficial for the production of pharmaceutical drugs. For instance, the International Trade Administration projects that the Vietnamese pharmaceuticals market will expand by 10% annually between 2017 and 2028, with revenues per capita nearly tripling between 2017 and 2027. Thus, due to the above-mentioned factors the adoption of above 99% purity of potassium citrate is increasing. As a result, the segmental growth of above 99% is leading to the potassium citrate market growth.

However, the 98%-99% segment is projected to be the fastest-growing segment during the forecast period. This is due to the increasing adoption of 98%-99% in the cosmetics and personal care industry, which is fostering segmental growth.

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By End-use Industry :

The end-use industry segment is categorized into food & beverages, pharmaceutical, cosmetics & personal care, industrial, and others. In 2022, the food & beverages segment accounted for the highest market share in the potassium citrate market. Potassium citrate is employed in the food and beverage industry to improve the taste and texture of food and beverage products. Potassium citrate is deployed as a food preservative to have a buffer so that the pH levels is controlled in an alkaline state. This inhibits the function of certain enzymes. The above feature ensures preserve food for longer. Thus, potassium citrate is ideal for food and beverage products such as bakery products, chocolates & confectionery, dairy products, and others. For instance, according to Food Drink Europe, a European Union confederation for the food and beverage industry, in 2021, the European Union food and beverage industry turnover was valued at Euro 1,093 billion (USD 1,292.0 billion), and in 2022 it was valued at Euro 1,121 billion (USD 1,177.8 billion), a year-on-year increase of 2.6%. Hence, the bolstering food and beverage industry is proliferating the demand for potassium citrate to provide a balanced flavor. This, in turn, is driving the market growth.

However, the pharmaceutical segment is expected to be the fastest-growing segment during the forecast period. This growth is attributed to factors such as increasing investment in new pharmaceutical plants, government initiatives for pharmaceuticals, and others.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share at 35.55% and was valued at USD 243.41 million, and is expected to reach USD 305.75 million in 2030. In Asia Pacific, China accounted for the highest market share of 26.05% during the base year of 2022. The expansion of various end-use industries such as industrial, pharmaceuticals, food & beverage, and other industries are boosting the growth of the potassium citrate market in the Asia Pacific region. For illustration, according to the State Council, The People's Public of China, the agricultural and sideline food processing industry in China registered an annual growth rate of 5.7% in 2021. Therefore, the advancements in the above end-use industries are favoring the demand for potassium citrate, thereby supplementing the market growth.

Furthermore, Europe is expected to witness significant growth over the forecast period, growing at a CAGR of 3.3% during 2023-20230. This is due to the exponential growth in the adoption of potassium citrate in end-use industries such as food & beverages, pharmaceutical, cosmetics & personal care, and industrial, among others.